M:\CA_2015\FNC\SM\SFM\Module-1\chp-1\Ist\Sunil Kumar\18-7-2015

M:\CA_2015\FNC\SM\SFM\Module-1\chp-1\IInd\Lekhraj\23-7-2015
M:\CA_2015\FNC\SM\SFM\Module-1\chp-1\IIIrd\Sunny\28-07-2015

1
fokh; uhfr vkSj O;kikfjd j.kuhfr
[FINANCIAL POLICY AND CORPORATE
STRATEGY]
v/;;u gsrq y{;

(Learning Objectives)

bl v/;k; ds v/;;u ds i'pkr~ fo|kFkhZ le>us ;ksX; gksaxs %

fokh; fu.kZ;u j.kuhfr dk <kapk

fofHkUu inlksikuksa ij j.kuhfr

fokh; fu;kstu

fokh; uhfr ,oa j.kuhfr izca/ku dk varjki`"B

fokh; mn~ns'; o fodkl cuk, j[kus esa larqyu

1- fokh; fu.kZ;u j.kuhfr dk <kapk

(STRATEGIC FINANCIAL DECISION MAKING FRAMEWORK)

fdlh Hkh O;olk; esa iwath fuos'k /ku fuekZ.k dk ewy vk/kkj gSA vkfFkZd vfLFkjrk ds
ifjos'k esa izR;sd fuos'kd vuqdwyre fofu;ksx ,oa fokh; voljksa dk pquko dj U;wure
tksf[ke vkSj vf/kdre izR;k; nj ij vius /ku dks vf/kdre djuk pkgsxkA pwfd izca/ku gh
fofu;kstdksa ds izfr mkjnk;h gS blfy, O;kikfjd fokh; izca/ku dk mn~ns'; gksuk pkfg, fd
og ,slk fuos'k vkSj fokh; fu.kZ; ys tks lHkh fuos'kdksa dks larq"V dj vuqdwyre fokh;
fLFkfr ds leku LRkj ij yk ldsA va'k/kkjdksa ds fgrksa dh larqf"V dks gh va'k/kkfj;ksa ds /ku ds
vf/kdre ds lk/ku ds :Ik esa ekuk tk ldrk gSA pawfd iwath ,d lhfer dkjd gS] vr% izca/ku
ds le{k oSdfYid iz;ksxksa esa lhfer dks"kksa dks vkcafVr djus dh leL;k fo|eku jgrh gSA
O;olk; viuh {kerk ,oa lrr~ fofu;ksx voljksa dh [kkst }kjk fofu;kstdksa dh izR;k; dks
cuk ,oa c<+k lds ,oa vf/kd dks"k mRiUu djs tks fofu;kstdksa ds fy, ykHknk;d gksA vr%
leLr O;kolkf;d vko';drkvksa esa rhu ewyHkwr rRoksa dk lekos'k gksuk pkfg,&

,d lqLi"V vkSj mfpr j.kuhfr

fokh; lalk/ku] fu;a=.k ,oa jhfr;ka ftlls ;g laHko gksA

The Institute of Chartered Accountants of India

1.2

fn bULVhV~;wV vkWQ pkVZMZ ,dkmUVsUV~l vkWQ bf.M;k

lgh izca/ku bdkbZ vkSj izf;k tks ;g laiUu djk ldsA

ge bls laf{kIr rkSj ij bl izdkj dg ldrs gSaA

j.kuhfr $ fok $ izca/k O;olk; ds ewyHkwr rRo

j.kuhfr dks laLFkku dh nh?kZdkyhu fn'kk vkSj iz;kstu ds rkSj ij ifjHkkf"kr fd;k tkrk
gS ftlesa cnyrs ifjos'k ds varxZr lalk/kuksa dh lajpuk ds }kjk csgrj ykHk izkIr dj
LVsd/kkjdksa dh vkdka{kkvksa vkSj mEehnksa dks iwjk fd;k tk ldsA pwafd izca/ku gh fofu;kstdksa ds
izfr mkjnk;h gksrk gS] izR;sd fofu;kstd vuqdy
w re fofu;ksx ,oa fokh; voljksa dk pquko dj
U;wure tksf[ke vkSj vf/kdre izR;k; nj ij vius /ku dks vf/kdre djrk gSA ;gka ij ;g
ckr /;ku nsus ;ksX; gS fd fuos'kd bl ckr dk gh [;ky j[krk fd mlss ykHk ds lkFk lkFk /ku
fuekZ.k ds Hkh volj feysaA fuos'kd fuos'k dh tksf[ke ij vk/kkfjr vk; izdf` r dks lgt :Ik ls
Lohdkj djrs gSa] ijUrq tksf[ke dks ysdj izR;sd O;fDr ds fopkj fHkUu&fHkUu gks ldrs gSAa
bls fokh; izca/ku j.kuhfr dh laiw.kZ i)fr dgrs gSa vkSj bls fokh; rduhd dh
j.kuhfr ds iz;ksx ds rkSj ij ifjHkkf"kr fd;k tkrk gS] tks fd fu.kZ;drkZ ds mn~ns';ksa dks iwjk
djus esa lgk;d gksA pawfd budk laca/k ys[kkadu ls gksrk gS] ysfdu j.kuhfr fokh; izca/ku dk
dsUnz vyx gksrk gSA j.kuhfr fokh; izca/ku esa fokh; ys[kkadu dh fjiksVZ ij dsfUnzr fofu;e
ds fiNys fjdkMZ ij fopkj djus ds lkFk&lkFk fokh; izca/ku ds Hkfo"; ds ckjs esa Hkh xaHkhjrk
ls lkspk tkrk gSA ;g ewyr% ,slh j.kuhfr dh igpku gS tks daiuh ds cktkj ewY; dks vf/kd
ls vf/kd c<+kus esa l{ke gks] blesa izfrLi/kkZRed voljksa esa vlk/kkj.k iawth lalk/kuksa dk
fofu;kstu Hkh 'kkfey gSA bruk gh ugha] blesa p;fur j.kuhfr dks ykxw djus vkSj mlds Bhd
izdkj ls dk;Z djus ij Hkh /;ku fn;k tkrk gS ftlls fd vfHkyf{kr mn~ns'; izkIr gksA
1.1

j.kuhfrd fokh; izc/a ku ds dk;Z (Functions of Strategic Financial

Management)

j.kuhfrd fokh; izca/ku O;kikfjd j.kuhfr dh ;kstuk dk iksVZQksfy;ks vax gS ftlesa

daiuh ds lHkh mn~ns';ksa dks izkIr djus ds fy, loksZR"V fofu;ksx vkSj fokh; fu.kZ;
lfEefyr gSaA bl lanHkZ esa ;g vko';d gS fd j.kuhfr] lqfu;ksftr vkSj lf; fokh; ;kstuk
esa varj Li"V fd;k tk,A pawfd j.kuhfr ,d nh?kZdkyhu f;k gS] tcfd lqfu;kstu e/;
vof/k esa viuk izHkko fn[kkrh gS] rks f;k'khyrk y?kq vof/k dk dk;Z gSA ,d daiuh esa ofj"B
izca/ku j.kuhfr ls lacaf/kr fu.kZ; ysrk gS] tcfd e/; oxZ lqfu;kstu ls tqM+s fu.kZ; ysrk gS
vkSj f;k'khyrk ij js[kh; izca/ku /;ku j[krk gSA
le; lhek ij /;ku fn, fcuk fuos'k vkSj fok ls tqM+s fu.kZ;ksa dks ysrs le; fuEufyf[kr dk;Z
'kkfey gkas1&

lcls csgrj fuos'k volj dh lrr [kkst

lcls vf/kd ykHk nsus okys volj dk pquko

voljksa ds fy, vuqdwyre iwath dk fu/kkZj.k

1

j.kuhfrd fokh; izca/ku% vH;kl] jkWcVZ vyku fgy

The Institute of Chartered Accountants of India

fokh; uhfr vkSj O;kikfjd j.kuhfr

1.3

vkarfjd fu;a=.k ds fy, iz.kkyh dk LFkkiu

Hkfo"; ds fu.kZ; ysus ds fy, ifj.kke dk fo'ys"k.k

pwafd iwath ,d lhfer lk/ku gS blfy, fok izca/ku dh j.kuhfr dh leL;k ;g gS fd
oSdfYid mi;ksxksa esa lhfer iwath dks dSls vkcafVr fd;k tk,A vkS|ksfxd izca/ku ds Hkaojtky
dks lqy>kus dk dk;Z loZizFke tsulal ,.M esdfyax lu 19762 }kjk fd;k x;k] tksfd
,stsalh fl)akr ds uke ls izpfyr gS] ftls vki igys gh vius b.VjehfM,V (IPC) Lrj ij
i<+ pqds gSA bl fl)kar ds vuqlkj] j.kuhfrd fok izca/k esa pkj izeq[k vo;o 'kkfey gSa]
tksfd lcls vf/kdhdj.k visf{kr orZeku 'kq) ewY; dh xf.krh; vo/kkj.kk ij vk/kkfjr gksrs
gSa&
fokh; j.kuhfr ds {ks= esa vk jgs dqath fu.kZ;ksa esa fuEu dks 'kkfey fd;k tkrk gS %
1.
fokh; fu.kZ; (Financial decisions) % ;g fokh; iz.kkyh ;k fQj lerk iwath
vkSj _.k iwath ds feJ.k ls lacaf/kr gksrh gSA
2.
fuos'k fu.kZ; (Investment decisions) % blesa QeZ dh fuf/k fo'ks"kr% nh?kZdkyhu
ifj;kstuk tSls iawth laca/kh ifj;kstuk dk ykHkkfUor rjhds ls mi;ksx djus ij
dke fd;k tkrk gSA pwafd bu ifj;kstukvksa dk dk;Zdky cgqr yack gksrk gS
blfy, bUgsa vfuf'prrk ds fy, Hkh tkuk tkrk gS] fofu;ksx fu.kZ;ksa esa tksf[ke
dh laHkkouk Hkh lnSo cuh jgrh gSA blfy, bu ifj;kstukvksa dk ewY;kadu buls
visf{kr equkQs vkSj tksf[ke ds vk/kkj ij gh fd;k tkrk gSA
3.
ykHkka'k fu.kZ; (Dividend decisions) % ykHkka'k fu.kZ; va'k/kkjdksa dks fd, tkus
okys Hkqxrku vkSj daiuh esa iqu% fofu;ksx dh tkus okyh jkf'k ds chp esa vftZr
vk; ds va'k dk fu/kkZj.k djrk gSA
4.
iksVZQksfy;ks fu.kZ; (Portfolio decisions) % iksVZQksfy;ks fo'ys"k.k fofu;ksx ds
ewY;kadu dh ,d fof/k gS ftlesa fuos'k ds i`Fkd izn'kZu ds ctk; laiw.kZ fudk;
esa mlds vkSlru izn'kZu ds vk/kkj ij fn, x, ;ksxnku dk ewY;kadu fd;k
tkrk gSA fokh; vkSj fuos'k fu.kZ;ksa ds ckjs esa vki vius b.VjehfM,V ikB~;e
esa igys gh i<+ pqds gSa tcfd ykHkka'k vkSj iksVZQksfy;ks fu.kZ;ksa dks bl v/;;u
lkexzh esa ckn esa foLr`r fd;k tk,xkA

2. fofHkUu inlksikuksa ij j.kuhfr

(STRATEGY AT DIFFERENT HIERARCHY LEVELS)

fofHkUu inlksikuksa ij j.kuhfr fHkUu&fHkUu izdkj dh ;kstukvksa ls tqM+h mEehnksa dk

ifj.kke gksrh gSA m|e dh rhu Lrj dh j.kuhfr vxz izdkj ls gS&

tsulsu] ,e- lh- vkSj MCY;w- lh- eSdfyax lu 1976] ^QeZ dk fl)kar % izca/kdkas dk O;ogkj] ,tsalh ewY; vkSj
LokfeRo <kapk^] fokh; vFkZ'kkL+= dk tuZy] vDVwcj] laLdj.k 3]4 i`"B la[;k 305&360

The Institute of Chartered Accountants of India

1.4

2.1

fn bULVhV~;wV vkWQ pkVZMZ ,dkmUVsUV~l vkWQ bf.M;k

O;kikfjd Lrj dh j.kuhfr (Corporate Level Strategy)

O;kikfjd inlksiku dh j.kuhfr ewyHkwr :Ik ls O;olk; ds p;u ls laca/k j[krh gS

ftlds varxZr ,d dEiuh dks izfrLi/kkZ djuh pkfg, vkSj blds lkFk gh blesa O;olk; dh
igpku ds foLrkj vkSj leUo; ds fy, Hkh dke gksrk gSA
O;kikfjd Lrj dh j.kuhfr rhu ewyHkwr iz'uksa ds mkj nsus esa l{ke gksuh pkfg, %
vuqdwyrk
j.kuhfr dEiuh ds lkekU; ms'; dh izkfIr ds fy, dk;Z djsxhA
lEHkkO;rk
j.kuhfr dks ykxw vkSj mlds izfriknu ds fy, vko';d lk/kuksa ds
izdkj vkSj la[;k dk fu/kkZj.k djrh gSA
Lohdk;Zrk
;g LVsd/kkjdksa dh larqf"V ls lacaf/kr gS vkSj ;g fokh; ,oa vufokh;
gks ldrh gSA
2 -2

O;kikfjd bdkbZ Lrj dh j.kuhfr (Business Unit Level Strategy)

O;olk; bdkbZ j.kuhfr dksbZ Hkh og ykHk dsUnz gks ldrk gS ftls ,d fuxe ds vU;
O;olk; bdkb;ksa ls LorU= gksdj fu;ksftr fd;k tk lds ij] O;kikfjd bdkbZ ds Lrj dh
j.kuhfr ds fo"k; dk;kZfUor bdkbZ ds O;kogkfjd leUo; vkSj ftu mRiknksa@lsokvksa dk
mRiknu fd;k tkuk gS] ds izfr;ksfxrkRed ykHk dks cuk, j[kus vkSj fodflr djus ls lacaf/kr
gksrs gSaA
2 -3

dk;kZRed Lrj dh j.kuhfr (Functional Level Strategy)

dk;kZRed Lrj ifjpkyu Hkkxksa vkSj foHkkxksa dk Lrj gSA dk;kZRed inlksiku ij
j.kuhfr dk;kZRed O;kikfjd izf;k vkSj ewY; k`a[kyk ls lacaf/kr gksrh gSA 'kks/k ,oa fodkl]
dk;Ziz.kkfy;ka] fuekZ.k] foi.ku] fok vkSj ekuo lalk/ku esa dk;kZRed Lrj dh j.kuhfr lalk/kuksa
ds fodkl vkSj leUo; ls tqM+h gksrh gS] ftlls fd O;kikfjd bdkbZ Lrj dh j.kuhfr dks
n{krk vkSj izHkko'kkyh <ax ls f;kfUor fd;k tk ldsA vkidh daiuh dh dk;kZRed bdkbZ esa
mPpre Lrj dh j.kuhfr 'kkfey gksrh gS tks fd O;kikfjd Lrj vkSj vkS|ksfxd Lrj dh
j.kuhfr esa viuk vewY; ;ksxnku nsrh gS] tSls fd xzkgd dh mRikn@lsok ls lacaf/kr larqf"V
dh tkudkjh miyC/k djokuk ;k lcls mPp Lrj ds lalk/ku vkSj n{krk dh tkudkjh ftl
ij mPp Lrj dh j.kuhfr vk/kkfjr gks ldrh gSA ,d ckj tc mPp Lrj dh j.kuhfr ;k
j.kuhfr mn~sn'; dk fodkl dj fy;k tkrk gS] rks dk;kZRed bdkbZ mUgsa fofHkUu dk;Z
;kstukvksa esa cny nsrh gS ftlls fd izR;sd foHkkx vFkok izHkkx j.kuhfr dks lQy cukus ds
fy, dk;Z'khy gksA
fofHkUu dk;kZRed f;kvksa tSls mRiknu] foi.ku] fok] ekuo lalk/ku vkSj 'kks/k ,oa
fodkl esa ;kstuk pkgs vius pje LFkku ij gks vFkok izFke pj.k ij /ku dk egRo lcls
vf/kd gksrk gSA O;kikfjd j.kuhfr lalk/kuksa ds ifjfu;kstu ls ljksdkj j[krh gS tcfd fokh;
j.kuhfr dk laca/k eq[;r% /ku ,d O;kikfjd QeZ dk lcls egRoiw.kZ lalk/ku ftls og iwjh
rjg ls vius fu;a=.k esa j[kuk pkgrh gSA ds la?kfVr ,oa izHkkoh iz;ksx ls gSA lR; rks ;g gS
fd ;fn fdlh QeZ dk ekSfnzd vk/kkj leqfpr <ax ls dk;Z djrk jgrk gS rks os vius vU;
lHkh lalk/kuksa dk iz;ksx Hkyh&Hkkafr dj ldrh gSaA fokh; j.kuhfr vkSj O;kikfjd j.kuhfr ,oa

The Institute of Chartered Accountants of India

fokh; uhfr vkSj O;kikfjd j.kuhfr

1.5

fokh; ;kstuk vkSj O;kikfjd ;kstuk ds vakeZq[k dks foLrkjiwoZd le>us ds fy, vkb, fokh;
;kstuk ds rgr vkus okyh vk/kkjHkwr pqukSfr;ksa dh leh{kk djsaA

3- fokh; fu;kstu
(FINANCIAL PLANNING)

fokh; fu;kstu fdlh Hkh O;kikfjd o vkS|ksfxd ;kstuk dk ewyHkwr vk/kkj gksrk gSA ;g
lHkh izdkj dh f;kvksa dks iwjk djus laca/kh lHkh laHkkO; {ks=ksa dks ifjHkkf"kr djus esa lgk;rk
djrk gSA vr% ,slk dgk tk ldrk gS fd ;g lEiw.kZ ;kstuk <kaps dks ifjHkkf"kr djrk gSA
fokh; fu;kstu ,d lqO;ofLFkr ekxZ gS tgka ij fokh; fu;kstu djus okyk xzkgd ds fokh;
lalk/kuksa dks fokh; midj.kksa dk iz;ksx dj vf/kdre izR;k; esa enn djrk gS ftlls fd os
vius fokh; mn~ns';ksa dks izkIr djsaA
fokh; fu;kstu dk xf.kr cgqr gh ljy gSA ;gka ij rhu izeq[k vo;o gaS&

fokh; lalk/ku ,Q-vkj

fokh; izi= ,Q-Vh

fokh; mn~ns'; ,Q-th

fokh; fu;kstu % ,Q-vkj $ ,Q-Vh ,Q-th (Financial Planning : FR+FT = FG)
,d O;fDr ds fy,] fokh; fu;kstu ,d ,slh izf;k gS ftlesa vki vius thou ds
y{; dks vius /ku ds mfpr izc/a ku ds }kjk izkIr djrs gSAa vkids thou dk y{; dqN Hkh tSls
,d ?kj [kjhnuk] vius cPpksa dh mPp f'k{kk ds fy, /ku dk laxzg djuk ;k fQj lsokfuo`fr ds
Ik'pkr vius Hkfo"; dks lqjf{kr djus gsrq /ku dk lap; vkfn gks ldrk gSA ;g ,d ,slh
izf;k gS ftlesa fo'ks"k pj.k 'kkfey gSa ftudk vuqlj.k djds vkidks viuh Bhd&Bhd fokh;
ifjfLFkfr dks tkuus vkSj le>us esa lgk;rk feysxhA bu pj.kksa dk iz;ksx djrs gq, vki bu
ckrksa dks tku ldrs gSa fd bl le; vkidh fokh; ifjfLFkfr D;k gS \ Hkfo"; esa vkidh
t:jrsa D;k gksx
a h vkSj vius y{; dks ikus ds fy, vkidks D;k djuk pkfg, \
fokh; fu;kstu ds ifj.kke O;kikj ds izn'kZu dk ewY;kadu djus ds fy, fokh; y{;]
fokh; fu.kZ;u vkSj fokh; ekin.M gSaA fokh; mn~ns';ksa dks lcls igys fuf'pr fd;k tkrk
gS ftlls fd vU; lHkh fu.kZ; mlh ds vuqlkj fy, tk ldsaA mn~ns'; dks O;kikj ds fe'ku
vkSj O;kikj ds y{; ds lkFk fcuk fdlh vojks/k ds pyuk gksrk gSA fokh; fu.kZ;u mu fokh;
leL;kvksa ds fo'ys"k.k esa lgk;rk djrk gS ftuls fuxe dks lkeuk djuk gksrk gS vkSj
rnuqlkj mlds }kjk fy, tkus okys dneksa dk fu.kZ; djrk gSA fokh; ekin.M tSls vuqikr
fo'ys"k.k] udn izokg fooj.k dk fo'ys"k.k dEiuh ds fu"iknu dk ewY;kadu djus esa lgk;rk
djrk gSA bu ekin.Mksa dk pquko nksckjk fuxeh; ms';ksa ij fuHkZj gksrk gSA

4- fokh; uhfr vkSj j.kuhfrd izca/ku dk varjki`"B

(INTERFACE OF FINANCIAL POLICY AND STRATEGIC MANAGEMENT)

fokh; uhfr vkSj j.kuhfrd izca/ku ds varjki`"B dks ge Li"V :Ik ls le> ik;saxs ;fn
ge bl lR; dk leFkZu djsa fd fdlh Hkh laLFkk dk izkjafHkd vkSj pje fcanq /ku gSA dksbZ Hkh

The Institute of Chartered Accountants of India

1.6

fn bULVhV~;wV vkWQ pkVZMZ ,dkmUVsUV~l vkWQ bf.M;k

daiuh ,d ;ksX; vkarfjd :Ik ls la?kfVr fokh; vk/kkj ;k vkarfjd o ck nksuksa :Ik ls
la?kfVr fokh; vk/kkj ds fcuk O;kikj dks pyk vkSj fdlh ubZ ifj;kstuk dks foLrkj ugha ns
ldrhA
fok ds lzksr vkSj iwath lajpuk j.kuhfr ;kstuk ds lcls egRoiw.kZ fn'kk,a gSaA ge igys
gh ,d QeZ ds foLrkj dk;Z dks c<+kok nsus esa la?kfBr /ku ds egRo ij tksj ns pqds gSaA /ku
dk fuekZ.k ekfyd }kjk yxkbZ xbZ iwath vFkok _.k ls gksrk gSA daiuh la?kfBr iwath ds fy,
le va'k vFkok izkFkfed va'kksa dk fuxZeu dj ldrh gSA ,d fuf'pr vof/k ds fy, tu
fu{ksi Hkh vYidky vkSj e/;kof/k fok l`tu dk cM+k lzksr gSaA laLFkku fofu;kstdksa dks
vkdf"kZr djus vkSj dks"k l`tu ds fy, cSad laLFkkuksa }kjk nh tk jgh C;kt nj ls mPpre
C;ktnj Hkh nh tkrh gSA vksojMkV] jksdM+ lk[k] fcy fMLdkmafVax] cSad dtZ vkSj O;kikj
lk[k vYidkyhu fok ds vU; lzksr gSaA
dks"kksa dks la?kfVr djus ds lkFk gh] uhfr cukus okyksa dks iwath <kaps ij Hkh fu.kZ; ysuk
pkfg, ftlls fd lerk iawth vkSj _.k iwath feJ.k dks lkadsfrd fd;k tk ldsA ;gka _.k
le vuqikr ds fy, dqN ekud gSaA budk mn~ns'; vR;f/kd dtZ ds tksf[ke dks de djuk
gksrk gSA mnkgj.k ds fy, lkoZtfud {ks= ds laLFkku ds fy, ekud 1%1 vuqikr dk gksrk gS
vkSj futh {ks= ds laLFkku ds fy, ekud 2%1 vuqikr dk gksrk gS] gkykafd ;g vuqikr vius
vkn'kZre :Ik esa fofHkUu m|ksxksa esa fHkUu fHkUu gksrk gSA ;g 'kks/k ds varxZr laLFkku ds
fu;kstu ek/;e ij Hkh vk/kkfjr gksrk gSA iawth ij tksj nsus okys m|ksxksa esa lerk ds fy, dtZ
dk vuqikr vR;f/kd apk gksrk gSA Bhd ;gh fLFkfr izkFkfed {ks= ds mPp ykxr okyh
ifj;kstukvksa vkSj v/kZfodflr {ks= dh ifj;kstukvksa dh Hkh gksrh gSA
j.kuhfr izca/k vkSj fokh; uhfr varjki`"B dk ,d vkSj igyw fofu;ksx vkSj dks"k vkcaVu
Hkh gSA fu;kstd dks fLFkj laifk ds fofu;ksx dks fu;fer djus ds fy, vkSj pkyw laifk dks
jksdus ds fy, uhfr dk izk:Ik rS;kj djuk gksrk gSA fofHkUu O;kikfjd bdkb;ksa }kjk fofu;ksx
izLrko jhfr rhu lewgksa esa foHkkftr dh tk ldrh gSA igys izdkj dk izLRkko lewg QeZ }kjk
miyC/k djok, tk jgs mRiknksa esa ,d vkSj u;s mRikn dks tksM+ukA nwljs izdkj dk izLrko
pyk;eku mRikn ds f;kdyki ds Lrj dks la;a= dh {kerk Lrj dks c<+kdj vFkok vU;
la;a= dks LFkkfir djds c<+kuk ftlls fd vfrfjDr {kerk dh vko';drk dks iwjk fd;k tk
ldsA ;gka ij izLrko dk ,d vkSj izdkj gS] ;g ,d u, mikxe vkSj fofHkUu leh{kkRed
f;kvksa dk ckjhdh ls vuqlj.k dj ykxr de djus vkSj lalk/kuksa ds dq'kyrkiwoZd iz;ksx dk
izfriknu djrk gSA fu;kstd dks ;gka fn, rhuksa izLrkoksa esa ls izR;sd dk ewY;kadu iawth
ctfVax vH;kl dj lkewfgd rqyuk }kjk djuk pkfg,A vfirq dks"k vkcaVu esa ifj;kstuk
ewY;kadu vkSj ifj;kstuk pquko nks lcls vf/kd egRoiw.kZ dk;Z gksrs gSaA fu;kstd dk dk;Z
lalk/kuksa dks fu;a=.k esa j[krs gq, lcls csgrj laHkkfor vkcaVu djuk gksrk gSA
fokh; uhfr fu.kZ;u ysus gsrq ykHkka'k {ks= ,d vkSj og {ks= gS tks daiuh ds j.kuhfr
izn'kZu dks izHkkfor djrk gSA lHkh ds fy, ykHkdkjh uhfr izk:Ik dks rS;kj djus ds fy, ,d
fudV varjki`"B dh vko';drk gksrh gSA ykHkka'k uhfr ds fu.kZ; vfrfjDr vk; dks ykHkka'k ds
:Ik esa forfjr djus vkSj vfrfjDr vk; dks QeZ dh Hkfo"; esa foLrkj djus laca/kh ;kstukvksa
ds fy, j[kus ls lacaf/kr gksrs gSaA O;kolkf;d o`f) ds fy, nh?kZdyhu dks"kksa dh n`f"V ls
ykHkka'k dks dqy vtZu dk Hkkx ekuk tk ldrk gS ftldk daiuh }kjk ykHkdkjh <ax ls iz;ksx

The Institute of Chartered Accountants of India

fokh; uhfr vkSj O;kikfjd j.kuhfr

1.7

ugha fd;k tk ldrkA ykHkka'k Hkqxrku esa fu;ferrk okaNuh; fopkj gS ftldk va'k ewY; ij
ldkjkRed izHkko iM+rk gSA QeZ dh yksp'khyrk vkSj QeZ dh ;ksX;rk nksuksa gh n`f"V ls 'kq)
vk; ij fu;r izfr'kr ds Hkqxrku dh oSdfYid uhfr dks izkFkfedrk nh tk ldrh gSA ;g
fofu;kstdkas dks de U;wure tksf[ke dk Hkh lans'k nsrk gSA gkykafd dqN daifu;ka dqN vU;
fodYiksa dk vuqlj.k djrh gSaA os izfr va'k ij U;wure ykHkka'k dk Hkqxrku djrh gSa vkSj tc
izR;k; lk/kkj.k izR;k; ls cgqr vf/kd gksrh gS rks os mPpre nj ds ykHkka'k dk Hkqxrku djrh
gSaA okLrfodrk esa] lgh ykHkka'k uhfr rd igqapus ds fy, QeZ ds fy, fofu;ksx voljksa vkSj
fokh; vko';drkvksa o va'kksa ds ifj.kkeLo:i iawth ykHk ds lkeus ykHkka'k dks va'k/kkjdksa dh
izkFkfedrk dks fopkj esa ykuk pkfg,A vkn'kZre ykHkka'k uhfr ij dk;Z djrs le; fodYi tSls
jksdM+ vkSj LVkWd ykHkka'k dh Hkh tkap djuh pkfg,] ;g daiuh dh O;kikfjd j.kuhfr dk
leFkZu vkSj izksRlkgu djrh gSA
vr% daiuh dh fokh; uhfr vU; dk;kZRed uhfr;ksa ls i`Fkd gksdj dk;Z ugha dj
ldrhA bldk laiw.kZ lakLFkkfud izn'kZu vkSj lao`f) fn'kk ls O;kid vihy vkSj fudVre
laca/k gksrk gSA bu uhfr;ksa dk laca/k daiuh ds ckgj daiuh ds ckjs esa tkx:drk QSykus]
fo'ks"kdj fofu;kstdksa ds chp daiuh ds vkarfjd izn'kZu ds ckjs esa tkx:drk QSykus ls gSA
daiuh ds orZeku vkSj Hkfo"; ds LVsd/kkjdksa ds efLr"d esa lnSo ewY;kadu dh izf;k lf;
jgrh gSA ifj.kkeLo:Ik daiuh ds fy, izkFkfedrk vkSj laj{k.k daiuh dh fokh; uhfr <kaps ij
mYys[kuh; <ax ls vk/kkfjr gksrh gSA vkSj ;gka ij O;kikfjd fu;kstdksa dk /;ku fokh; uhfr
<kaps dks rS;kj djrs le; vafre pj.k esa ugha vfirq O;kikfjd fu;kstu dh izkjafHkd voLFkk esa
gh dsfUnzr gksuk pkfg,A ikjLifjd fuHkZjrk dk ;g fo"k; v/;;u ds fy, vkSj xgu fo'ys"k.k
i)fr esa iz;ksx dh n`f"V ls cgqr gh egRoiw.kZ dkjd gSA ;g lkekU; dkj.k vkSj izHkko ls
lacaf/kr 'kks/k ds v/;;u dh rqyuk esa cgqr gh tfVy dk;Z gS D;ksfd dHkh O;kikfjd j.kuhfr
dkj.k gksrh gS vkSj fokh; uhfr izHkko vkSj dHkh ifjfLFkfr cny tkrh gS vkSj fokh; uhfr
dkj.k cu tkrh gS vkSj O;kikfjd j.kuhfr izHkko'kkyh gksrh gSA bls f}/kzqoh; ifjoZru dgk
tkrk gSA

5. fokh; y{; o j{k.kh; fodkl esa larqyu

(BALANCING FINANCIAL GOALS VIS-A-VIS SUSTAINABLE GROWTH)

fodkl cuk, j[kus dh vo/kkj.kk LoLFk O;kikfjd o`f) ds fu;kstu esa lgk;d gks
ldrh gSA ;g vo/kkj.kk izca/kdksa dks fch esa gqbZ o`f) ls izkIr ifj.kkeksa ij fopkj djus vkSj
mu fch o`f) ds y{;ksa dks fu/kkZfjr djus ds fy, ck/; djrh gS tks QeZ ds ifjpkyu vkSj
fokh; uhfr;ksa ds vuqdwy gksA izk;% ;fn o`f) mn~ns'; laLFkku dh nh?kZdkyhu o`f) ewY; ds
vuqdwy ugha gksrs gSa rks erHksn mRiUu gks ldrk gSA lalk/kuksa ds lgh foHkktu ls lacaf/kr iz'u
,d tfVy :Ik /kkj.k dj ldrk gS ;fn ge orZeku LVsd/kkjdksa ds fgr ds lkFk&lkFk Hkfo";
ds LVsd/kkjdksa ds fgr ij Hkh fopkj djus yxsaA mnkgj.k ds fy, ge b/ku m|ksx ij ppkZ
djrs gSa tgka ij lalk/kuksa dh ek=k lhfer gksrh gS vkSj lalk/kuksa ds iz;ksx esa oS/kkfud fu;eksa
dk Hkh ikyu fd;k tkrk gS D;ksafd orZeku xzkgdksa dh vko';drk ds lkFk&lkFk Hkfo"; ds
xzkgdksa dk Hkh [;ky j[kuk gksrk gSA vkius bZa/ku cpkus laca/kh foKkiu ns[ks gksaxsA ;g foi.kUk
ds foijhr foKkiu gS tks vkerkSj ij viukbZ tkus okys o`f) fch j.kuhfr mikxe dks ekxZ

The Institute of Chartered Accountants of India

1.8

fn bULVhV~;wV vkWQ pkVZMZ ,dkmUVsUV~l vkWQ bf.M;k

ls HkVdkus okyk gS vkSj vkus okyh ih<+h ds fy, bZa/ku ds cpkus dh lykg nsrk gSA ;g rsy
m|ksx }kjk viukbZ tkus okyh fLFkj o`f) j.kuhfr ftlesa lHkh lzksr fLFkj gSa vkSj nh?kZdky
rd mUgsa cpk, j[kuk gS] dk mnkgj.k gS] c<+rh gqbZ o`f) j.kuhfr] ykHk j.kuhfr] fojke
j.kuhfr fLFkj o`f) j.kuhfr ds vU; fHkUu :i gSaA
fLFkj fodkl m|e dh yEch&vof/k fodkl ds fy, egRoiw.kZ gSA cgqr rst ;k cgqr
/khek fodkl m|e fodkl ds vuqdwy pyk tk,xk] fLFkj LoLFk fodkl vkSj fLFkj o`f)
vuqikr ds lehi m|e dh o`f) xfr dks lqfuf'pr djus ds fy, ;ksX; fokh; uhfr volj
dks viukrs gq,] m|e ds fodkl esa fokh; dks egRoiw.kZ Hkwfedk fuHkkuh pkfg,A
,d laxBu dh fokh; fLFkjrk dSls curh gS\
fokh; fLFkjrk gksus ds fy,] ,d laxBu %


ds ikl vk; ds ,d ls T;knk lzksr gksus pkfg,(


ds ikl vk; cukus ds ,d ls T;knk jkLrs gksus pkfg,(


fujarj fokh; fu;kstu vkSj j.kuhfrd dk;Z djrk gS(


ds ikl vuq:i fokh; iz.kkfy;k gksuh pkfg,(


dh turk esa vPNh Nfo gksuh pkfg,(


dks vius ewY;ksa ds ckjs esa Li"V gksuk pkfg,( vkSj


ds ikl fokh; LojkT; gksuk pkfg,A
Source : CIVICUS Developing a Financial Strategy.

jkWcVZ lh- fgXxUl dh vo/kkj.kk ds rgr] ,d QeZ dh fLFkj o`f) nj mldh fch esa
o`f) tks izkIr dh tk ldrh gS] QeZ dh izkIr ykHkiznrk] laifk mi;ksx vkSj bfPNr Hkqxrku
gsrq ykHkka'k vkSj dtZ fokh; Hkkj vuqikr gSA ijaijkxr rkSj ij izHkkfor fd, tkus okys
dkjdksa esa ubZ o pkyw izR;k; ij 'kq) ykHk varj( laifk dqy fch vuqikr] tks dqy laifk dh
fch izR;k; dk vuqikr gksrk gS( vkjafHkd vof/k le vuqikr dk vuqikr vkSj vojks/ku nj]
bls O;kikj esa dk;e vtZu esa vojks/k ds rkSj ij ifjHkkf"kr fd;k tkrk gSA
,l- th- vkj- = vkj- vks- bZ- (1 ykHkka'k Hkqxrku vuqikr)
fodkl cuk, j[kus dk uewuk ;g eku ysrk gS fd O;kikj dks 1. u, le dk fuxZeu
fd, fcuk yf{kr iawth lajpuk dk;e j[kuh gksrh gSA 2- ,d yf{kr ykHkka'k Hkqxrku vuqikr
dk;e j[kuk gksrk gSA 3- cktkj fLFkfr;ka ftruh vuqefr nsa mruh rhozrk ls fch dks c<+k,aA
pwafd laifk vof/k le dk vkjafHkd vuqikr fLFkj gksrk gS vkSj QeZ dk ,dek= lzksr u, le
ls izfr/kkfjr vtZu gksrk gS] fch vkSj laifk bl rhozrk ls ugha c<+ ldrh ftl rhozrk ls
izfr/kkfjr vtZu vkSj vfrfjDr dtZ ftldk leFkZu dk;e vftZr jkf'k dj ldrh gSA fodkl
cuk, j[kus dk vuqikr bl /;ku nsus okys lk{; ds lkFk vuqdwy gksrk gS fd vf/kdrj
laLFkku u, le ds fuxZeu ds izfrdwy gksrk gSA ;fn gkykafd QeZ vfrfjDr le dk fuxZeu
djus dh bPNqd gksrh gS] ;gka ij ,d fl)kar dk;Z djrk gS fd viuh o`f) nj ij dksbZ
fokh; vojks/k ugha gksrkA okLro esa fodkl cuk, j[kus dk fu;e izR;{k :Ik ls le izR;k;
ij iwokZuqekfur fd;k tkrk gSA

The Institute of Chartered Accountants of India

fokh; uhfr vkSj O;kikfjd j.kuhfr

1.9

vFkZ'kkL=h vkSj O;kikfjd 'kks/kdrkZ nkok djrs gSa fd fodkl cuk, j[kus dh nj izkIr
djuk nks tqM+oka vk/kkjf'kykvksa o`f) j.kuhfr vkSj o`f) {kerk ij /;ku fn, fcuk laHko ughaA
tks daifu;ka buesa ls fdlh igys igyw vFkok nwljs igyw ij gh /;ku nsrh gSa os vius fodkl
cuk, j[kus ds iz;kl esa vlQy gksus ds fy, vfHk'kIr gksrh gSa vfirq vYidkyhu ykHk izkIr
gks ldrk gSA vkf[kjdkj ;fn ,d daiuh ds ikl mRd`"V o`f) j.kuhfr miyC/k gS] ijUrq os
vko';d lajpuk dks j.kuhfr dks f;kfUor djus ds fy, ;Fkksfpr LFkku ij ugha LFkkfir
djrs gSa rks nh?kZdkyhu o`f) vlaHko gS] blh izdkj bldh izfrdwy ifjfLFkfr esa Hkh vlaHko gSA
fujarjrk ds cgqr gh detksj fopkj dh vko';drk gksrh gS fd iawth laifk ds lHkh
LVkWd mlh fLFkfr esa fujarj cus jgus pkfg,A fujarjrk ds detksj fopkj uktqd lalk/kuksa dh
lqj{kk lacaf/kr gS tks lHkh ds leFkZu dk vk'oklu nh?kZdky dh lhek ds varxZr nsrk gSA
fujarjrk dk etcwr fl)kar Js"B ikfjra= ds ifjpkyu esa lalk/kuksa ds laj{k.k ls lacaf/kr gSA
vFkZ'kkfL=;ksa }kjk lef"Vxr Lrj ij fodkl cuk, j[kus ds lanHkZ esa fuEu ifjHkk"kk,a js[kkafdr
dh xbZ gSaA
,d laxBu fLFkj dSlk curk gS\
fLFkj gksus ds fy,] ,d laxBu %


ds ikl Li"V j.kuhfrd funsZ'ku gksuk pkfg,(


vius dk;Z ds fy, voljksa dh igpku ds lanHkZ ;k okrkoj.k dks igpkuus esa l{ke
gksus pkfg,(


;ksX; deZpkfj;ksa dks vkdf"kZr] izcaf/kr vkSj dk;e djus esa l{ke gksuk pkfg,(


vuq:i iz'kklfud vkSj fokh; volajpuk gksuh pkfg,(


vfrfjDr lalk/kuksa dk ykHk mBkus ds fy, viuh izHkko'khyrk vkSj vlj ds fu:i.k
esa l{ke gksus pkfg,( vkSj


vius dk;Z esa lgHkkfxrk vkSj mlds fy, leqnk; dk leFkZu feyuk pkfg,A
Source : CIVICUS Developing a Financial Strategy.

fodkl cuk, j[kus dk uewuk ml ifjfLFkfr esa fo'ks"k rkSj ls lgk;d gksrk gS tc _.kh
vfrfjDr fok ds fy, izkFkZuk djrk gSA vfrfjDr _.k dh vko';drk laHkor% cgqr vf/kd
dtZ vkSj cgqr de le ls vf/kd tksf[ke dh fLFkfr dks mRiUu djrh gSA ;gka ij ;k rks
vfrfjDr le dk l`tu djuk gksxk vFkok _.kh dks foLrkj nj esa bruh dVkSrh djuh gksxh
ftls fcuk fdlh fok Hkkj ds dk;e j[kk tk ldsA
ifjiDo QeksZa esa okLrfod o`f) nj gksrh gS tks fodkl cuk, j[kus dh nj ls de gksrh
gSA bl ekeys esa izca/k lS)kafrd mn~ns'; jksdM cgko tks fd vko';drk ls vf/kd fo|eku
gksrk gS] ds mRiknd iz;ksx dh ryk'k djrs gSaA bl rjg ds ekeyksa esa O;kikjh vkSj deZpkjh ds
ikl ;g fodYi gksrs gSa fd os va'k/kkfj;ksa dks ;g /ku ykHkka'k esa c<+ksrjh djds ykSVk,a ;k
vHkh"V LVkWd dk iqu% ; djsa] QeZ ds dtZ Hkkj esa dVkSrh djsa vFkok de vtZu okyh rjy
laifk ds vkf/kiR; esa c<+ksrjh djsaA ;gka ;g ckr /;ku nsus ;ksX; gS fd ;g f;k,a fodkl
cuk, j[kus dh nj dks de djrh gSaA oSdfYid :Ik ls QeZ viuh okLrfod o`f) nj dks
rhozrk ls o`f) dj jgh daifu;ksa ij vf/kxzg.k djsA

The Institute of Chartered Accountants of India

1.10

fn bULVhV~;wV vkWQ pkVZMZ ,dkmUVsUV~l vkWQ bf.M;k

o`f) nks lzksrksa ls gksrh gS] ewY; esa o`f) vkSj eqnzkLQhfrA eqnzkLQhfr ds }kjk laifk esa gqbZ
c<+ksrjh fokh; gksuh pkfg, D;ksfd ;g okLrfod o`f) gksrh gSA eqnzkLQhfr vko';d ck fok
dh jkf'k dks c<+k nsrh gS vkSj tc le ij _.k vuqikr dks ,sfrgkfld ykxr vk/kkj ij ekik
tkrk gS rks bl vuqikr esa c<+ksrjh gks tkrh gSA vr% ;fn ysunkj pkgsa rks QeZ dk ,sfrgkfld
ykxr le ij _.k dk vuqikr fujarj jgrk gS] eqnzkLQhfr QeZ dh nh?kZdky rd dk;e jgus
okyh fodkl nj esa deh dj nsrh gSA
feRlqfc'kh dkWiksZjs'ku (MC) : ubZ j.kuhfrd funsZ'ku
fLFkj o`f) dh vksj u, jkLrs dk ekufp=.k
feRlqfc'kh dkWjiksjs'ku us] nh?kZdkyhu circa 2020 o`f) dh n`f"Vdks.k ds er esa] Hkfo";
esa rhu o"kksZa ds fokh; y{;ksa dks fuf'pr djus ds fy, opuc) gksus dh viuh
ijEijkxr vo/kkj.kk e/;dkyhu izca/ku ;kstuk dks gVk fn;k gSA uohu j.kuhfrd
funsZ'ku O;olk; vkSj cktkj j.kuhfr;ksa ds lkFk izca/ku uhfr ij ewyHkwr vo/kkj.kkvksa
dks 'kkfey djrk gSA ;g dEiuh ds ewY; dh igpku dh [kkst djrk gS vkSj ijh
pje dh {kerk dks [kkstrk gS tSls ,d sogo shasha O;olk; ekWMy] m|ksx] cktkj
vkSj Hkwxksy }kjk fofo/k iksVZQksfy;ks ds izca/ku }kjk O;kikj pksa esa fLFkj dekbZ iznku
djkus esa l{ke gSA
,e-lh- fLFkj o`f) ds fy, lefiZr jgrk gS] ysfdu D;ksafd ;g viuh ekxZnf'kZr
n`f"Vdks.k rhu fuxeh; fl)kUr }kjk izekf.kr gS] bldh O;kolkf;d xfrfof/k;k
tkiku vkSj iwjs fo'o esa leL;kvksa dks gy djus gsrq lgk;rk ds fy, vkSj Hkh T;knk
opuc) gSaA bldk eq[; ms'; oSf'od Lrj ij fLFkj lkekftd o`f) ds fy, lgk;rk
iznku djuk gSA
bl u, j.kuhfrd funsZ'ku dk lkj gS %


Hkfo"; izHkkoh i)fr 2020 ij fofo/k] ysfdu dsfUnzr iksVZQksfy;ks dks cukrs gq,
O;olk; dks nksxquk djus ds y{; ds lkFk n`f"V cuk;s j[kukA


Li"V iksVZQksfy;ks j.kuhfr % iksVZQksfy;ks ds iqu% vkdkj.k }kjk thrus okys
O;olk;ksa dks pqurk gSA


fokh; vuq'kklu ds j[kj[kko ds nkSjku fjVuZ dks igqpkrk gS vkSj O;olk; dks
c<+krk gSA

Lkkjka'k
(SUMMARY)
1.

fokh; fu.kZ;u j.kuhfr dk <kapk (Strategic Financial Decision Making

Framework)

leLr O;kolkf;d vko';drkvksa esa rhu ewyHkwr rRoksa dk lekos'k gksuk pkfg,&

,d lqLi"V vkSj mfpr j.kuhfr

The Institute of Chartered Accountants of India

fokh; uhfr vkSj O;kikfjd j.kuhfr

1.11

fokh; lalk/ku] fu;a=.k ,oa jhfr;ka ftlls ;g laHko gksA

lgh izca/ku bdkbZ vkSj izf;k tks ;g laiUu djk ldsA

j.kuhfrd fokh; izca/k ds dk;Z (Functions of Strategic Financial Management)
le; lhek ij /;ku fn, fcuk fuos'k vkSj fok ls tqM+s fu.kZ;ksa dks ysrs le; fuEufyf[kr dk;Z
'kkfey gksa&

lcls csgrj fuos'k volj dh lrr [kkst

lcls vf/kd ykHk nsus okys volj dk pquko

voljksa ds fy, vuqdwyre iwath dk fu/kkZj.k

vkarfjd fu;a=.k ds fy, iz.kkyh dk LFkkiu

Hkfo"; ds fu.kZ; ysus ds fy, ifj.kke dk fo'ys"k.k

,tsUlh fl)kar ds vuqlkj] j.kuhfr fok izca/k esa pkj izeq[k vo;o 'kkfey gSa] tksfd
lcls vf/kdhdj.k visf{kr orZeku 'kq) ewY; dh xf.krh; vo/kkj.kk ij vk/kkfjr gSa tks bl
izdkj ls gSa&
1fuos'k fu.kZ; (Financing decisions)bles QeZ ds dks"k dk ykHkdkjh mi;ksx
fo'ks"kdj nh?kZdkyhu ifj;kstukvksa iawth ifj;kstuk esa fd;k tkrk gSA
2fokh; fu.kZ; (Investment decisions);g fu.kZ; fok ds rjhds ls lEcfU/kr
gSA
3.
ykHkka'k fu.kZ; (Divident decisions)ykHkka'k fu.kZ; va'k/kkjdksa ds Hkqxrku vkSj
daiuh esa iqu% fofu;ksx ds chp esa vftZr jkf'k ds foHkktu dk fu/kkZj.k djrs gSaA
4iksVZQksfy;ks fu.kZ; (Portfolio decisions);g fu.kZ; fuos'kksa ds ewY;kadu dks
'kkfey djrk gSA
2.

fofHkUu inlksikuksa ij j.kuhfr (Strategy at Different Hierarchy Levels)

fofHkUu Lrjksa ij j.kuhfr fofHkUu fu;kstu laca/kh vko';drkvksa dk ifj.kke gSA fdlh
m|e dh j.kuhfr esa fuEu rhu Lrjksa dh vko';drk gksrh gSA
2.1 O;kikfjd Lrj dh j.kuhfr (Corporate Level Strategy);g rhu ewyHkwr iz'uksa ls
lEcfU/kr gS&j.kuhfr dh mi;qDrrk] lEHkkO;rk vkSj Lohdk;ZrkA
2.2 O;kikfjd bdkbZ ds Lrj ij j.kuhfr (Business Unit Level Strategy)O;kikfjd
bdkbZ ds Lrj ij] j.kuhfr ds fo"k; lapkfyr bdkbZ ds O;kogkfjd lkeatL; vkSj daiuh }kjk
mRikfnr mRiknksa@lsokvksa ds fodkl ,oa izfr;ksfxrkRed ykHk dks cuk, j[kus ls lacaf/kr gks
ldrs gSaA
2.3 dk;kZRed Lrj dh j.kuhfr (Functional Level Strategy)'kks/k ,oa fodkl]
dk;Ziz.kkfy;ka] fuekZ.k] foi.ku] fok vkSj ekuo lalk/ku esa dk;kZRed Lrj dh j.kuhfr lalk/kuksa
ds fodkl vkSj leUo; ls tqM+h gksrh gS] ftlls fd O;kikfjd bdkbZ Lrj dh j.kuhfr dks
n{krk vkSj izHkko'kkyh <ax ls f;kfUor fd;k tk ldsA

The Institute of Chartered Accountants of India

1.12

fn bULVhV~;wV vkWQ pkVZMZ ,dkmUVsUV~l vkWQ bf.M;k

fofHkUu dk;kZRed f;kvksa tSls mRiknu] foi.ku] fok] ekuo lalk/ku vkSj 'kks/k o
fodkl] fu;kstu ls 'kh"kZ ls uhps vFkok uhps ls 'kh"kZ laizs"k.k LFkkfir djrs le; fok dks
lcls vf/kd egRo fn;k tkrk gSA
3.

fokh; fu;kstu (Financial Planning)

fokh; fu;kstu ,d lqO;ofLFkr ekxZ gS tgka ij fokh; fu;kstu djus okyk xzkgd ds
fokh; lalk/kuksa dks fokh; midj.kksa dk iz;ksx dj vf/kdre izR;k; esa enn djrk gS ftlls
fd os vius fokh; mn~ns';ksa dks izkIr djsaA
fokh; fu;kstu dk xf.kr cgqr gh ljy gSA ;gka ij rhu izeq[k vo;o gaS&

fokh; lalk/ku ,Q-vkj-

fokh; izi= ,Q-Vh-

fokh; y{; ,Q-th-

4.

j.kuhfrd izcU/ku vkSj fokh; uhfr dk vUrjki`"B (Interface of Financial

Policy and Strategic Management)

5.

varjki`"B dks Li"V :i ls le>us ds fy,] ge bl rF; dks ljkguk nsrs gSa fd
,d laxBu dk 'kq#vkrh vkSj vkf[kjh fcUnq jksdM+k gSA
iwth <kpk vkSj fok lzksr ,d j.kuhfrd ;kstuk dh lcls egRoiw.kZ fn'kk,a gSaA
dks"k ds laxzg ds lkFk&lkFk] uhfr cukus okys iwth <kaps ij fu.kZ; djrs gSa tks
m|ksx ls m|ksx rd cnyrk jgrk gSA
vU; egRoiw.kZ fn'kk,a fofHkUu O;olk; bdkb;ksa }kjk izLrqr fuos'k vkSj dks"k
vkcaVu fu.kZ; gS tks rhu [k.Mksa esa foHkkftr fd;k tk ldrk gS %
u, mRIkkn dk ladyu


ekStwnk ds ifjpkyu ds Lrj dks c<+kuk




lalk/kuksa ds fuiq.k mi;ksx vkSj ykxr esa deh
ykHkka'k uhfr dekbZ ds vkcaVu ls lacaf/kr fokh; uhfr ds fu.kZ;ksa dks cukus ds
fy, ,d vU; {ks= gSA
,d dEiuh dh fokh; uhfr vU; dk;kZRed uhfr;ksa ls vyx gksdj dk;Z ugha
dj ldrhA o`f) ds funsZ'k vkSj lEiw.kZ laxBuh; fu"iknu ds lkFk cgqr xgjk
rkYyqd vkSj cM+k vkxzg gSA

fokh; y{; o j{k.kh; fodkl esa larqyu (Balancing Financial Goals Vis-a-vis
Sustainable Growth)

fLFkj o`f) dh vo/kkj.kk LoLFk fuxeh; o`f) ds fu;kstu ds fy, lgk;d gks
ldrh gSA

The Institute of Chartered Accountants of India

fokh; uhfr vkSj O;kikfjd j.kuhfr

1.13

izca/kdksa dks fch o`f) ds fokh; izHkkoksa dks le>uk gS vkSj Hkfo"; dh
erfHkUurk] tks fHkUurk dh otg ls mHkjrh gS] dks gVkus ds fy, QeZ dh
ifjpkyu vkSj fokh; uhfr;ksa ds lkFk feyrs gq, y{;ksa dks fu/kkZfjr djuk gSA
,d QeZ dh fLFkj o`f) nj mldh fch esa o`f) tks izkIr dh tk ldrh gS] QeZ
dh izkIr ykHkiznrk] laifk mi;ksx vkSj bfPNr Hkqxrku gsrq ykHkka'k vkSj dtZ
fokh; Hkkj vuqikr gSA
fLFkj o`f) izkfIr bu egRoiw.kZ izlaxksa ij /;ku fn, fcuk laHko ugha gS % o`f)
j.kuhfr vkSj o`f) {kerkA
ifjiDo QeksZa esa okLrfod o`f) nj gksrh gS tks fodkl cuk, j[kus dh nj ls
de gksrh gS tgk izca/k lS)kfUrd ms'; jksdM+ cgko tks fd vko';drk ls
vf/kd fo|eku gksrk gS] ds mRiknd iz;ksx dh ryk'k djrs gSaA
o`f) nks lzksrksa ls gksrh gS] ewY; esa o`f) vkSj eqnzkLQhfrA eqnzkLQhfr vko';d
ck fok dh jkf'k dks c<+k nsrh gS vkSj le ij _.ki= vuqikr dks ,sfrgkfld
ykxr vk/kkj ij ekuk tkrk gS rks bl vuqikr esa c<+kskjh gks tkrh gSA

The Institute of Chartered Accountants of India